If you want to build charitable giving into your estate plan, the North Carolina Community Foundation can help you realize your goals, achieve tax advantages and leave a growing legacy to your community that will not end. This is philanthropy that is amazingly accessible and will have a major, lasting impact on your community. Legacy gifts support much of the charitable work in the communities we partner with throughout our state.
Naming the NCCF in your will is a popular way to support the community and your charitable interests. A charitable bequest to create an endowment or add to an existing fund can designate a specific amount, a percentage of your estate or what remains after other bequests are fulfilled. Benefits can include significant estate tax savings. A bequest is easy and revocable if circumstances change.
A bequest is a gift from your estate that you specify in your will. Making a bequest to the NCCF is an easy way to transfer assets to your favorite local or statewide charitable organization or cause. This is the vehicle most commonly used in planned giving.
- Flexibility: A bequest can be revoked at any time. Circumstances (and minds) can change.
- Tax savings: Your estate will be eligible for a tax deduction. Resources that may be taxed can go to charity instead.
- Recognition: You can give a fund your name, honor or memorialize loved ones or highlight a school, charity or professional field.
- Personal: You choose the recipients, geographic location and cause. You can give to existing endowments and/or establish your own.
- Efficiency: Almost any asset can be given, including cash, stock and real estate.
- Simply specify in your will how you wish the money to be used. Is there a specific charity or organization you’d like to support? Is there a cause that you are passionate about? Do you want to leave an unrestricted gift to meet your community’s needs or support philanthropy throughout North Carolina through a gift to one of the Foundation’s operating funds? There are many types of funds from which you can choose. You can set up a new fund, donate to existing funds or employ a combination of both giving approaches.
- For a new fund, indicate in your will what you want to call your endowment. The fund will serve as a permanent legacy, so consider what name or names you want to honor. You may set up an anonymous fund if you prefer. Each new endowment established should be funded with a minimum bequest of $10,000. A bequest of at least $25,000 is needed for each new scholarship endowment.
- A bequest of any amount can be given to an existing fund.
We can provide the appropriate language for consideration if you choose to include the NCCF in your will and will work with your attorney or other professional advisor to ensure that your charitable goals are met. The examples below illustrate possible wording:
“I give, devise and bequeath to the North Carolina Community Foundation, Inc., a qualified 501(c)(3) charitable organization located in Raleigh, NC, _____ percent of my residual estate [or a specific bequest of $__ or other personal or real property appropriately described] to establish the [Name of fund] for the benefit and support of [Charitable beneficiary] in County, North Carolina.
You may also choose to designate an existing NCCF endowment or the NCCF itself as the beneficiary:
“I give, devise and bequeath to the North Carolina Community Foundation, Inc., a qualified 501(c)(3) charitable organization located in Raleigh, North Carolina, ______ percent of my residual estate [or a specific bequest of $_____, or other personal or real property appropriately described], to be directed to the [Name of existing fund, a component fund of the Foundation OR to the Foundation’s operating fund, endowment or Disaster Relief Fund].
For more information please contact Beth Boney Jenkins, Vice President for Development, at 919-828-4387 so we can help you discover the best fit for your philanthropic goals and financial needs. Professional advisors may contact Mary Morgan, Philanthropy Counsel, at 919-828-4387 for assistance with planned giving.